LuxeYard, Inc., the fast-growing boutique luxury flash sale site, today announced plans to expand to India under an exclusive licensing deal with veteran technology and retail entrepreneur, Sashi Chimala.
LuxeYard, Inc; the fast-growing boutique luxury flash sale site, today announced plans to expand to India under an exclusive licensing deal with veteran technology and retail entrepreneur, Sashi Chimala.
Under the terms of the agreement, Chimala will establish LuxeYard India with a dedicated team to build out product acquisition, marketing and merchandising operations to manage the site. Working closely with the U.S team, LuxeYard India will leverage the company's existing e-commerce platform and operations infrastructure, as well as its extensive knowledge of selling fashion, home furnishings and decor via the flash sale model.
"This exciting deal provides access to one of the fastest growing e-commerce markets in the world, where rising consumer spending power and demand for luxury goods will combine to help us achieve our revenue goals and business objectives. Under Sashi's leadership and with his history of successful entrepreneurial ventures, we have great confidence that our partnership will be successful," said Braden Richter, CEO, LuxeYard, Inc.
The new venture expands upon LuxeYard's growing international presence, and provides increased revenue potential through reciprocal access to the products offered on both the U.S and Indian sites. LuxeYard India will make its products available to the company's global distribution network and products that LuxeYard sources in the U.S. and from throughout the world will be made available to the Indian market.
"The e-commerce market is in a state of rapid growth and the flash sale model is just now beginning to emerge in India," said Chimala. "Our partnership is structured to immediately leverage our respective products, people and technology and will allow LuxeYard to enter the market quickly. Over time it will also allow us to realize even more efficiencies and cost savings," he added.
India joins Australia and New Zealand as recent new international territories for LuxeYard, further bolstering the company's global presence.